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Old 03-13-2012, 09:51 PM
 
178 posts, read 221,989 times
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Yesterday when I checked my online banking statements, as I do every day, I noticed my savings account was nearly $1000 lighter. The statement showed an external withdrawal made by the bank as a loan payment. The account number for this loan was all zeros. I have no loans apart from a line of credit which I have never used and showed no activity. This morning I called the bank, and the service rep told me they will launch an investigation as to how this withdrawal was initiated and where the money went, and this will take up to 48 hours.

Earlier this year I had my rent check stolen from my mailbox (that's what I get for trusting the esteemed citizens of this marvelous city), and the thief used the information it contained to made an ACH withdrawal. At first I thought this might be related, but this is a different account and the compromised account had been closed. The fact that the withdrawal came from my own bank, for a loan payment, with no loan account number shown, I am leaning towards this being a bank error. However I still have a nagging feeling that this could be more fraud.

While I wait for the results of the investigation I thought I would ask, has anyone else experienced anything like this? What was the eventual resolution?
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Old 03-13-2012, 10:37 PM
 
Location: Andersonville, Chicago
8,066 posts, read 8,227,087 times
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Did the bank not have any answers for you when you called them?
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Old 03-14-2012, 01:21 AM
 
178 posts, read 221,989 times
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Nope, they just said they'd launch an investigation. The only thing they could tell me is that it wasn't related to the line of credit, which is the only "loan" I have through them if you don't count my credit card.
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Old 03-14-2012, 09:45 AM
 
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Was the financial institution involved a small community based one or a large national chain that we would recognize? Having money withdrawn from your account for unknown purposes is scary. Sometime online banking becomes more detailed as more information is available. For example, at my bank one day the check posts, and the next the check image is available. I wonder if the same will happen at your bank where a loan number may appear or if they will find the issue some other way.
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Old 03-14-2012, 11:40 AM
 
178 posts, read 221,989 times
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It is one of the largest credit unions in the US, open only to residents of this state. Given that it is a credit union I'm hopeful that they will resolve this in a timely manner, just as they did with the stolen check issue (they refunded me in full the same day I faxed the statement of unauthorized debit)
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Old 03-15-2012, 09:21 PM
 
178 posts, read 221,989 times
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It turns out that someone made a mortgage payment and entered the wrong account number for the withdrawal. It was not made clear to me whether it was an employee or another member who made this mistake. The fact that this can even happen is a perfect example of how broken this system is. I am absolutely amazed and somewhat frightened there are no sanity checks for things like transposed digits or fat fingers. To make matters worse, it looks like this credit union issues account numbers in sequential order, making these sorts of mistakes even more likely.
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Old 03-15-2012, 09:25 PM
 
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Glad it was all sorted out. That credit union does indeed have a broken system.
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Old 03-15-2012, 09:46 PM
 
590 posts, read 1,069,111 times
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At least they fixed it. I suspect they would have waived any NSF fees or bounced check fees you would have incurred as a result. But I do agree, it would be nice if there were better checks to prevent the problem from happening in the first place.

Many years ago I had a mortgage payment set to pay automatically from my checking account. The bank that held the mortgage was different than the bank that had my checking account. Payments were happening regularly for months, but one time I noticed that the autopay did not occur and looked at my mortgage account. The mortgage company had credited someone else's mortgage payment to my mortgage. The payment was 50% more than my regular payment. I called the mortgage company and informed them of the error. They did not seem overly concerned and even suggested don't worry about it. I said someone is going to be missing that mortgage payment... and what's going to happen to my loan when you realize the mistake? Are you going to charge me late fees? They decided to act on it, but I was surprised at their initial reaction.
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Old 03-16-2012, 09:02 AM
 
2,133 posts, read 2,057,074 times
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Quote:
Originally Posted by dubfan View Post
It turns out that someone made a mortgage payment and entered the wrong account number for the withdrawal. It was not made clear to me whether it was an employee or another member who made this mistake. The fact that this can even happen is a perfect example of how broken this system is. I am absolutely amazed and somewhat frightened there are no sanity checks for things like transposed digits or fat fingers. To make matters worse, it looks like this credit union issues account numbers in sequential order, making these sorts of mistakes even more likely.
Someone making a mistake? Normally, you have to type twice when you enter account number for online transfers. So, that someone has to to make the same mistake twice and get the same number at the same time? .

Glad that they found that for you. But I would keep my eye, if I were you. This doesn't make sense to me.
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Old 03-16-2012, 11:14 AM
 
178 posts, read 221,989 times
Reputation: 188
Quote:
Originally Posted by MeInDenudinFL View Post
Someone making a mistake? Normally, you have to type twice when you enter account number for online transfers. So, that someone has to to make the same mistake twice and get the same number at the same time? .

Glad that they found that for you. But I would keep my eye, if I were you. This doesn't make sense to me.
Now that you mention it, I took a look at their online loan payment site. It doesn't even let you type in an account number. It only lets you choose from your associated accounts in a drop-down list. I suspect that an employee screwed this one up.
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